On January 1, 2024, Morton Sales Company issued zero-coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100. Note: Use tables, Excel, or a financial calculator. Round your effective interest rate to the nearest whole percent. Enter your answer rounded to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: What amount of interest expense on these bonds would Morton Sales Company report in its 2024 income statement?

Interest Expense ____________